The framework for political donations in the UK creates a risk of political finance inflation, distorted political competition, and corruption. We study reported donations from 2001 to 2023. The value of political donations, adjusted for inflation, has gone down, not up, over the period we study. Adjusting for the popularity of the parties, donations have been received relatively equally by the two big parties. The corruption risk from donations is minimal: the two big parties have not been particularly dependent on individual donors and few businesses bother donating. This benign situation is a matter of luck, not design. The decisions of individual donors or politicians could easily flip the system towards inflation, distorted party competition, or greater corruption. In the wake of the 2025 local elections, reform should appeal to the UK’s traditional big three parties: it is a way to partially insulate political parties against electoral volatility, as well as reducing the risks of inflation, distortion, and corruption